The 3469 sqm plot on the corner of Chapel and Grosvenor streets and Brighton Road has been owned by the Thurston family for almost 50 years.
Thurstons had the first Toyota dealership in Australia and used the place to service cars for many years. Recently, it has been occupied by the Australia Post as a distribution center.
Stonebridge Property Groups Julian White, Justin Dowers and Chao Zhang handled the transaction.
The buyer is a first-time Chinese-backed developer that beat 13 other parties.
“Offers were received from a number of local and Asian-based apartment developers, four groups for rent groups, as well as a party wishing to complete a vertical retirement project,” White said.
The local planning allows for five to six levels on the site.
The Mazda site
The Mazda showroom site on the east side of Ringwood has changed hands after 40 years.
The Coopersmith group, which developed the 8878-square-foot inventory on 391 Maroondah Highway, sold it to the owner of the Mazda dealership for $ 15 million. The trade reflected a dividend of 4.33 percent.
It is one of the largest Mazda dealers in Australia along a seven-hectare car park developed by the Coopersmith Group, including Nissan, Volkswagen and Ford.
CBRE agent David Aiello signed the deal.
“Over the course of four decades, the Coopersmith Group has built a landmark and growing hub for car dealers in Melbourne East,” said Aiello.
The Coopersmith Group paid only $ 400,000 for the site in 1981 and bought it from the Patterson Cheney Holden Group.
The car yards that once dominated Ringwood’s central business district are now being replaced by apartments or office buildings.
Records show the Honda showroom at 85 Maroondah Highway sold earlier this year for $ 7.26 million to a company called Ivory Horse, which is owned by Globird Energy.
Its neighbor, the old nightclub in Jooce and currently an outlet in Rivers, sold for $ 13.5 million to Staley Properties in December last year.
Still on cars, the former Flinkier used car yard at 264-276 Kings Way is on the market, with expectations of more than $ 5.5 to $ 6 million.
The 696 sqm triangular property was an Ampol gas station in a previous incarnation. The Flinkier family bought it in 1996 for only $ 655,000.
It had been leased to the popular Europa-buy café since 2013, but is rented out to The Thirsty Camel store and returns $ 250,000 a year in rent.
Colliers agents Tom Isaksson, Daniel Wolman, Oliver Hay and Leon Ma are handling the campaign.
They also sell the banana-yellow Just Tools store around the corner at 174-180 Clarendon Street.
At 334 sqm, this high-profile property is expected to fetch more than $ 4 million.
A local investor has sprayed $ 5.5 million on a Carlton office building owned by the same family for more than 30 years.
It is on 296 sqm of land on 135-139 Leicester Street, behind the University of Melbourne’s Laws School, and is sold for a strong base rate of more than $ 20,000 per square foot.
It is across the road from Oxfam’s headquarters, which last year was acquired by studio housing Scape for about $ 15 million.
CBRE agents Nathan Mufale, Scott Hawthorne, David Minty and JJ Heng negotiated the deal.
“While the buyer was a local buyer, it was interesting to note the huge interest from study groups,” Mufale said.
“While COVID-19 has affected the number of students traveling to Victoria, the study group groups we are dealing with are burning their respective development pipelines well beyond the next 18-24 months,” Mufale said.
An investor selling his apartment investment has snatched the historic Parkville Store well in advance of the planned auction.
The buyer, who is after a more stable income, paid $ 2.85 million for the store and home at 52 Morrah Street, giving it a super-sharp yield of 1.81 percent.
The 82 sqm store is rented out to Cafe Piccolina, whose managers also run Naughton’s hotel around the corner.
Stonebridge Property Group agents Max Warren, Dylan Kilner and Nic Hage handled negotiations for the seller, Uberta’s development director Simon Barr.
It sold at a land price of $ 16,700 per square foot, which is a record for the northern outskirts of the city, Kilner said.
Coburg’s Batman Markets website is back on the market and carries a mark of $ 40 million.
The 2.56-acre site at 14-22 Gaffney Street, next to Batman Railway Station, was once a military textile factory.
Recently, it has served as the Batman Royale function center and film production studio. There is also a 40-seat co-operation office called Mr Gaffney.
ATI Australian Texturising Industries bought the property from Australian Defense Industries in the mid-1990s for $ 3.35 million.
The large plot has six buildings of 12,142 sqm and parking for 270 cars. Fully leased, it can earn up to $ 1.92 million a year.
Melbourne Acquisitions agents Dominic Gibson and James Latos are handling the offer, which closes on October 21.